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M&S boss warns revamp will hit profits

Marks & Spencer has reported a 4.3% rise in underlying pre-tax profits to £689.6 million for the year to the start of April - but its new boss says profits will take a hit as he announced price cuts and a revamp of its clothing range.

Steve Rowe, who took over from Marc Bolland as chief executive last month, said M&S will reduce everyday prices while cutting back on promotions and clearance sales.

He said the store will remain focused on quality through "fabric, fit and finish" and reduce the number of product lines in its autumn/winter ranges.

In effort to improve customer service, more staff will be put in store, particularly in cafes and changing rooms.

Our results last year were mixed. We continued to outperform on food but we underperformed on clothing and home sales. This is not satisfactory and today we are outlining our initial plans to address the issues and to position Marks & Spencer to deliver profitable sales growth.

– Steve Rowe, Marks and Spencer Chief Executive
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